Mortgages
Mortgage Rate Update
Fri, 26th August, 2011 - Posted by - Please comment!
Interest Rates
Deciding on the type of mortgage interest plan is one of the most important decisions a home buyer will make. Your choice of mortgage plan can save you tens, even hundreds of thousands of dollars over the life of the mortgage. While we offer the best rates in the industry, obtaining the lowest rate does not guarantee the lowest total cost. You also need to consider the following:
- Are you obtaining the right term based on your plans and objectives?
- Should you choose a fixed rate or variable rate mortgage?
- Does it have the right features - portability, assumable, prepayment, etc.?
- Is it tax efficient? Can you make your mortgage tax deductible?
- Is it better to go for a lower interest rate or lower payments?
Banks vs. Us
| Prime 2.25% | Bank Posted | Our Rate | |
| Variable | Prime | Prime -0.80% | |
| 1 Year Fixed | 5.50 | 2.64 | Apply Now |
| 2 Year Fixed | 5.75 | 2.99 | Apply Now |
| 3 Year Fixed | 5.75 | 3.55 | Apply Now |
| 5 Year Fixed | 5.79 | 3.69 | Apply Now |
| 7 Year Fixed | 7.00 | 4.69 | Apply Now |
| 10 Year Fixed | 7.35 | 4.95 | Apply Now |
OAC and subject to change without notice. Last updated: August 26rd, 2011
It's about a choice The BestRateGuys.com provides Canadian homeowners with access to the hundreds of mortgage products available through Canada's many banks, trusts, credit unions and Mortgage Companies. Typically our services are free of charge, AND YOU, our customers can select from the best mortgages, at the best rates, available in the marketplace! You should insist on expert advice AND professional service. A typical Financial Institution will provide you with information on the mortgage products THEY sell; while we will help you decide which Financial Institution, and which mortgage OFFER, is the best one for you.
It's about making the right decision More and more Canadians are discovering that the best mortgage decision they can make is to choose to work with us.
Take the next step now and contact us to ensure you receive expert and unbiased advice - and the professional service you deserve.
Start now. Apply online, in person or by phone @ 1.866.RATE.033 and let us help get you into the home of your dreams.
The BestRateGuys.com lowest rate guarantee is our commitment to find you the lowest possible Canadian fixed mortgage rate in terms of your situation. If we can't at least match an offer made another financial institution we will give you a $50.00 gift card just for giving us a try. Really, what have you got to loose? Call us today to discuss your mortgage options. See terms and details of $50.00 give away offer. Interested in learning more about mortgages? Subscribe to our news and articles blog on our website. This will give you up to date mortgage information brought directly to your email inbox.
Check Us Out on Social Networking Sites
Or Click to Call Us
Sincerest Regards,
Paul Smith
Mortgage Agent
VERICO Designer Mortgages
FSCO Licence M09000027
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New Mortgage Guidelines in Effect Today
Mon, 18th April, 2011 - Posted by - Please comment!
The Honourable Jim Flaherty, Minister of Finance, and the Honourable Christian Paradis, Minister of Natural Resources, today announced prudent adjustments to the rules for government-backed insured mortgages to support the long-term stability of Canada’s housing market and support hard-working Canadian families saving through home ownership.
“Canada’s well-regulated housing sector has been an important strength that allowed us to avoid the mistakes of other countries and helped protect us from the worst of the recent global recession,” said Minister Flaherty. “The prudent measures announced today build on that advantage by encouraging hard-working Canadian families to save by investing in their homes and future.”
“The economy continues to be our Government’s top priority,” continued Minister Paradis. “Our Government will continue to take the necessary actions to ensure stability and economic certainty in Canada’s housing market.”
The new measures:
- Reduce the maximum amortization period to 30 years from 35 years for new government-backed insured mortgages with loan-to-value ratios of more than 80 per cent. This will significantly reduce the total interest payments Canadian families make on their mortgages, allow Canadian families to build up equity in their homes more quickly, and help Canadians pay off their mortgages before they retire.
- Lower the maximum amount Canadians can borrow in refinancing their mortgages to 85 per cent from 90 per cent of the value of their homes. This will promote saving through home ownership and limit the repackaging of consumer debt into mortgages guaranteed by taxpayers.
- Withdraw government insurance backing on lines of credit secured by homes, such as home equity lines of credit, or HELOCs. This will ensure that risks associated with consumer debt products used to borrow funds unrelated to house purchases are managed by the financial institutions and not borne by taxpayers.
Our Government’s ongoing monitoring and sound underlying supervisory regime, along with the traditionally cautious approach taken by Canadian financial institutions to mortgage lending, have allowed Canada to maintain strong and secure housing and mortgage markets.
The adjustments to the mortgage insurance guarantee framework will come into force on March 18, 2011. The withdrawal of government insurance backing on lines of credit secured by homes will come into force on April 18, 2011.
____________________________________
For further information, media may contact:
Annette Robertson
Press Secretary
Office of the Minister of Finance
613-996-7861
Jack Aubry
Media Relations
Department of Finance
613-996-8080
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New Mortgage Guidelines Come in Effect Today
Fri, 18th March, 2011 - Posted by - Please comment!
The Honourable Jim Flaherty, Minister of Finance, and the Honourable Christian Paradis, Minister of Natural Resources, today announced prudent adjustments to the rules for government-backed insured mortgages to support the long-term stability of Canada’s housing market and support hard-working Canadian families saving through home ownership.
“Canada’s well-regulated housing sector has been an important strength that allowed us to avoid the mistakes of other countries and helped protect us from the worst of the recent global recession,” said Minister Flaherty. “The prudent measures announced today build on that advantage by encouraging hard-working Canadian families to save by investing in their homes and future.”
“The economy continues to be our Government’s top priority,” continued Minister Paradis. “Our Government will continue to take the necessary actions to ensure stability and economic certainty in Canada’s housing market.”
The new measures:
- Reduce the maximum amortization period to 30 years from 35 years for new government-backed insured mortgages with loan-to-value ratios of more than 80 per cent. This will significantly reduce the total interest payments Canadian families make on their mortgages, allow Canadian families to build up equity in their homes more quickly, and help Canadians pay off their mortgages before they retire.
- Lower the maximum amount Canadians can borrow in refinancing their mortgages to 85 per cent from 90 per cent of the value of their homes. This will promote saving through home ownership and limit the repackaging of consumer debt into mortgages guaranteed by taxpayers.
- Withdraw government insurance backing on lines of credit secured by homes, such as home equity lines of credit, or HELOCs. This will ensure that risks associated with consumer debt products used to borrow funds unrelated to house purchases are managed by the financial institutions and not borne by taxpayers.
Our Government’s ongoing monitoring and sound underlying supervisory regime, along with the traditionally cautious approach taken by Canadian financial institutions to mortgage lending, have allowed Canada to maintain strong and secure housing and mortgage markets.
The adjustments to the mortgage insurance guarantee framework will come into force on March 18, 2011. The withdrawal of government insurance backing on lines of credit secured by homes will come into force on April 18, 2011.
____________________________________
For further information, media may contact:
Annette Robertson
Press Secretary
Office of the Minister of Finance
613-996-7861
Jack Aubry
Media Relations
Department of Finance
613-996-8080
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What Does the BestRateGuys.com Team Offer You?
Thu, 24th February, 2011 - Posted by - Please comment!
The BestRateGuys.com Team works with over 50 lenders right across Canada, so when we shop for the lowest possible mortgage rate, we find it. We don’t work for the bank or the lender we work for YOU! We provide you with an unbiased opinion about your situation and can suggest products from all different lenders to suit your specific situation. In almost all cases are services are free of charge to you as the lender will pay us for arranging your mortgage..
If it is time to start planning to arrange mortgage-financing think of the BestRateGuys.com. We are the mortgage experts and we are here to support you.
It's about a choice The BestRateGuys.com provides Canadian homeowners with access to the hundreds of mortgage products available through Canada's many banks, trusts, credit unions and Mortgage Companies. Typically our services are free of charge, AND YOU, our customers can select from the best mortgages, at the best rates, available in the marketplace! You should insist on expert advice AND professional service. A typical Financial Institution will provide you with information on the mortgage products THEY sell; while we will help you decide which Financial Institution, and which mortgage OFFER, is the best one for you.
It's about making the right decision More and more Canadians are discovering that the best mortgage decision they can make is to choose to work with us.
Take the next step now and contact us to ensure you receive expert and unbiased advice - and the professional service you deserve.
Start now. Apply online, in person or by phone @ 1.866.RATE.033 and let us help get you into the home of your dreams.
The BestRateGuys.com lowest rate guarantee is our commitment to find you the lowest possible Canadian fixed mortgage rate in terms of your situation. If we can't at least match an offer made another financial institution we will give you a $50.00 gift card just for giving us a try. Really, what have you got to loose? Call us today to discuss your mortgage options. See terms and details of $50.00 give away offer. Interested in learning more about mortgages? Subscribe to our news and articles blog on our website. This will give you up to date mortgage information brought directly to your email inbox.
Check Us Out on Social Networking Sites
Or Click to Call Us
Sincerest Regards,
Paul Smith
Mortgage Agent
VERICO Designer Mortgages
FSCO Licence M09000027
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Home Renovation Financing Options
Tue, 22nd February, 2011 - Posted by - Please comment!
There are many different reasons to renovate a home: to save energy (and save on utility bills), to make room for a growing family, to improve safety or increase the resale value of your home, or simply to bring a fresh new look to your home. There are also a number of different ways to finance your renovation. Read on to obtain information for a number of financing options, along with practical advice to consider before starting your renovation project.
Before You Begin
Whether you intend to finance your renovation yourself or borrow money, you should talk to a financial advisor and to your lender before you make firm plans. They can help you understand your options, and advise you on how much you can borrow and even pre-approve you for a loan. This information will help you plan realistically.
Explore Your Options
Your own resources: For smaller renovation projects, you may consider self-funding material costs, especially if you plan to do the work yourself.
Credit card: Likewise, you can use your credit card to pay for materials for smaller renovations. But be careful not to carry the balance for too long; credit card interest rates can exceed 18%.
Personal loan: With a personal loan, you pay regular payments of principal and interest for a set period, typically one to five years. You also have the option of a fixed or variable interest rate for the term of the loan. The interest rate on a personal loan is typically less than that of a credit card. Unlike a line of credit, once you pay off your loan you will have to reapply to borrow any new funds needed.
Personal line of credit: This is another popular choice for financing renovations. It is ideal for ongoing or long-term renovations since it lets you access your funds at any time and provides a monthly statement to help track expenses. A line of credit offers lower interest rates than credit cards, and charges interest only on funds used each month. And, as you pay off your balance, you can access remaining funds, up to the line of credit’s limit, without reapplying.
Secured lines of credit and home equity loans: These options offer all the advantages of regular lines of credit or loans, but are secured by your home’s equity. They can be very economical, since they offer preferred interest rates, however initial set-up costs including legal and appraisal fees usually apply. Lines of credit and home equity loans are usually limited to 80% of your home’s value. With CMHC insured financing, lenders may offer borrowers who qualify the option of making interest-only payments for the first five or 10 years.
Mortgage refinancing: When funding major renovations, refinancing your mortgage lets you spread repayment over a long period at mortgage interest rates, which are usually much lower than credit card or personal loan rates. This type of financing can allow you to borrow up to 80% of your home’s appraised value (less any outstanding mortgage balance). Initial set-up costs including legal and appraisal fees may apply. If you need to tap into more of the equity in your home, loans of up to 90% of your home’s value can also be provided when insured by CMHC Mortgage Loan Insurance.
Financing improvements upon-purchase: If you’re planning major improvements for a home you’re about to purchase, it may be advantageous to finance the renovations at the time of purchase by adding their estimated costs to your mortgage. CMHC Mortgage Loan Insurance can help you obtain financing for both the purchase of your home and the renovations — up to 95% of the value after renovations — with a minimum down payment of 5%.
Other Considerations and Options
Planning for the Unforeseen
It’s a good idea to set aside a percentage of your renovation funds to cover items not included in your renovation contract, for things you discover you’d like to add once work is under way, like extra or upgraded features, furniture, appliances and window coverings or for contingency. A separate fund lets you make decisions easily, without having to renegotiate your financial arrangements or reapply for new funds.
Grants and Rebates for Energy-Saving Renovations
Across Canada, renovation grants and rebates are available from the federal and provincial governments and local utilities, especially for energy-saving renovations. If you qualify, they may help pay for some of your project’s costs.
- CMHC Mortgage Loan Insurance for Energy-Efficient Homes: 10% CMHC mortgage loan insurance premium refund and extended amortization periods without surcharge.
- ecoENERGY Retrofit — Homes: grants of up to $5,000 to offset the cost of making energy-efficiency improvements.
- Provincial and Municipal Entities Offering Grants and Incentives
- Rebates and Incentives for Selected ENERGY STAR® Qualified Products in Canada
It's about a choice The BestRateGuys.com provides Canadian homeowners with access to the hundreds of mortgage products available through Canada's many banks, trusts, credit unions and Mortgage Companies. Typically our services are free of charge, AND YOU, our customers can select from the best mortgages, at the best rates, available in the marketplace! You should insist on expert advice AND professional service. A typical Financial Institution will provide you with information on the mortgage products THEY sell; while we will help you decide which Financial Institution, and which mortgage OFFER, is the best one for you.
It's about making the right decision More and more Canadians are discovering that the best mortgage decision they can make is to choose to work with us.
Take the next step now and contact us to ensure you receive expert and unbiased advice - and the professional service you deserve.
Start now. Apply online, in person or by phone @ 1.866.RATE.033 and let us help get you into the home of your dreams.
The BestRateGuys.com lowest rate guarantee is our commitment to find you the lowest possible Canadian fixed mortgage rate in terms of your situation. If we can't at least match an offer made another financial institution we will give you a $50.00 gift card just for giving us a try. Really, what have you got to loose? Call us today to discuss your mortgage options. See terms and details of $50.00 give away offer. Interested in learning more about mortgages? Subscribe to our news and articles blog on our website. This will give you up to date mortgage information brought directly to your email inbox.
Check Us Out on Social Networking Sites
Or Click to Call Us
Sincerest Regards,
Paul Smith
Mortgage Agent
VERICO Designer Mortgages
FSCO Licence M09000027
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Energy-Efficient Housing Made More Affordable with Mortgage Loan Insurance
Mon, 21st February, 2011 - Posted by - Please comment!
Energy-Efficient Housing Made More Affordable with Mortgage Loan Insurance
More than 17 percent of the energy consumed in Canada is used to run our homes. Buying an energy-efficient home or making energy-saving renovations can offer big savings. A 10% CMHC mortgage loan insurance premium refund and extended amortization period without surcharge may be available when you use CMHC insured financing to purchase an energy-efficient home or make energy-saving renovations.
Mortgage Loan Insurance
For most people, the hardest part of buying a home — especially a first home — is saving the necessary down payment. To help, CMHC offers lenders Mortgage Loan Insurance, which allows you to buy a house with a minimum down payment of 5%. Offered through most financial institutions, this simple solution has enabled millions of Canadians to realize the dream of homeownership.
CMHC made dreams of homeownership easier to obtain by allowing qualified home buyers to use additional sources of funds for down payments such as a loan or lenders’ cash back incentives.
Help the Planet, Help Your Wallet
CMHC has added environmentally friendly features to the Mortgage Loan Insurance it offers. If you use CMHC insured financing to buy an energy-efficient home, purchase a house and make energy-saving renovations or renovate your existing home to make it more energy-efficient, a 10% refund on the Mortgage Loan Insurance premium may be available. You could also have the added flexibility of an extended amortization (up to a maximum of 35 years) without a premium surcharge.
The Government of Canada actively promotes energy conservation and initiatives to reduce greenhouse gas emissions that contribute to climate change.
How It Works
If You’re Thinking of Buying or Building an Energy-Efficient Home.
If You Own a Home and are Thinking of Renovating to Make your Home More Energy-Efficient.
If You’re Thinking of Buying or Building an Energy-Efficient Home
Step 1: Find out how energy-efficient your house is
If the home you’re considering buying meets one of the following four (4) requirements, you could be eligible for a 10% mortgage loan insurance premium refund and extended amortization without surcharge when you use CMHC insured financing to purchase that house or condominium unit.
- The house is an energy-efficient R-2000 model.
- The house has been assessed by a Natural Resources Canada (NRCan) qualified energy advisor and it has an energy efficiency rating of 80* or above.
- It was or will be built under a CMHC-eligible energy-efficient building program.
- The building in which the condominium unit you’re buying is 25% more energy efficient, than if constructed to meet the requirements of the Model National Energy Code for Buildings (MNECB).
The house’s energy efficiency rating can be obtained by:
- having an energy assessment completed by an NRCan qualified energy advisor;
- obtaining an R-2000 certificate or CMHC declaration from your R-2000 certified builder;
- obtaining a CMHC declaration from your builder that is a member of a CMHC-eligible energy-efficient building program;
- or for condominium units, a letter from Natural Resources Canada (NRCan) or the project engineer for condominium units must be obtained.
If you are planning on building a new home and your builder is not R-2000 certified or a member of a CMHC eligible energy-efficient building program, you should have an energy advisor evaluate the building plans before the house is built. This can help you ensure that you will meet CMHC’s requirements once the construction of the home is complete and it is evaluated.
Step 2: If required, boost your energy efficiency
If the house you plan to buy has an energy rating below 80*, to be eligible for a refund, you will need to obtain an energy assessment through an NRCan qualified energy advisor and renovate using part of the CMHC insured funds based on your energy advisor’s list of recommendations in order to increase your score by at least 5 points and to a minimum overall rating of 40.
Step 3: Discuss and arrange a CMHC-insured mortgage
Talk to your lender and ask for a CMHC insured mortgage.
Step 4: Confirm the improvement
After you make the renovations recommended by your energy advisor, you will need to have a second assessment done to determine the energy-saving effectiveness of the renovations. To be eligible for the 10% premium refund, the second rating must show that the house has achieved an increase of 5 points to a minimum overall rating of 40.
Step 5: Apply for your Premium Refund
- Apply online for your premium refund.
OR
- Complete the PDF version of the application form and send it to CMHC, along with the supporting documentation by fax at 1-800- 245-9274, or by mail at 700 Montreal Road, Suite 1000, Ottawa, Ontario, K1A 0P7. NOTE: You can choose to complete the PDF form electronically or by hand. In both cases, you will have to print it and sign it.
* Depending on the closing date of your purchase, the NRCan Energy-Efficiency Rating required differs:
| For purchases with a closing date… | NRCan Energy-Efficiency Rating Required |
| On or after April 1st, 2010 | 80 |
| Between July 27th, 2005 and March 31st, 2010 | 77 |
| Between November 18th, 2004 and July 26th, 2005 | 80 |
If You Own a Home and are Thinking of Renovating to Make your Home More Energy-Efficient
Step 1: Obtain an energy rating for your home
If you plan to use CMHC insured financing to make energy-saving renovations, a refund equivalent to 10% of your CMHC mortgage loan insurance premium may be available, as well as a full refund of any premium surcharge paid to extend the amortization of your mortgage loan beyond 25 years. To qualify for this refund, you must carry out the steps described below within a reasonable time after funding of the CMHC insured loan. Normally, the time period between the date of funding (purchase with improvements or refinance) and the date of the post-retrofit assessment should not exceed 24 months.
Contact an NRCan qualified energy advisor to obtain the current energy rating for your home. You will receive a list of straightforward recommendations to increase your energy rating.
Step 2: Discuss CMHC insured refinancing
Talk to your lender or your financial institution about which options are available to you.
Step 3: Improve your rating
Using your energy advisor’s recommendations, renovate or upgrade to increase your energy rating using CMHC insured funds. You’ll be amazed at the difference a more efficient furnace, better insulation or simple draft-proofing can make. Not only will you be reducing greenhouse gas emissions, but you’ll also see welcome reductions in your monthly utility expenses.
Step 4: Confirm the improvement
Your energy advisor will assess your home again after the energy-saving renovations are finished. If this test shows that the house’s energy rating has improved by at least 5 points and has achieved an overall rating of at least 40, the 10% premium refund may be available.
Step 5: Apply for your Premium Refund
- Apply online for your premium refund.
OR
- Complete the PDF version of the application form and send it to CMHC, along with the supporting documentation by fax at 1-800- 245-9274, or by mail at 700 Montreal Road, Suite 1000, Ottawa, Ontario, K1A 0P7. NOTE: You can choose to complete the PDF form electronically or by hand. In both cases, you will have to print it and sign it.
How to obtain an energy assessment
NRCan has developed an energy assessment and labelling system to help homeowners make energy-saving choices when buying a home or renovating. For a fee, an NRCan qualified energy advisor will evaluate the house to determine its energy efficiency rating on a scale of 0 – 100.
For more information, including information on the Government of Canada’s ecoEnergy initiatives, please visit the NRCan web Site.
Source: CMHC
It's about a choice The BestRateGuys.com provides Canadian homeowners with access to the hundreds of mortgage products available through Canada's many banks, trusts, credit unions and Mortgage Companies. Typically our services are free of charge, AND YOU, our customers can select from the best mortgages, at the best rates, available in the marketplace! You should insist on expert advice AND professional service. A typical Financial Institution will provide you with information on the mortgage products THEY sell; while we will help you decide which Financial Institution, and which mortgage OFFER, is the best one for you.
It's about making the right decision More and more Canadians are discovering that the best mortgage decision they can make is to choose to work with us.
Take the next step now and contact us to ensure you receive expert and unbiased advice - and the professional service you deserve.
Start now. Apply online, in person or by phone @ 1.866.RATE.033 and let us help get you into the home of your dreams.
The BestRateGuys.com lowest rate guarantee is our commitment to find you the lowest possible Canadian fixed mortgage rate in terms of your situation. If we can't at least match an offer made another financial institution we will give you a $50.00 gift card just for giving us a try. Really, what have you got to loose? Call us today to discuss your mortgage options. See terms and details of $50.00 give away offer. Interested in learning more about mortgages? Subscribe to our news and articles blog on our website. This will give you up to date mortgage information brought directly to your email inbox.
Check Us Out on Social Networking Sites
Or Click to Call Us
Sincerest Regards,
Paul Smith
Mortgage Agent
VERICO Designer Mortgages
FSCO Licence M09000027
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Homebuying Tools — Calculators
Sun, 20th February, 2011 - Posted by - Please comment!
Easy to use mortgage tools to help you establish your financial situation, determine how much house you can afford and the maximum price that you should be considering.
Household Budget Calculator
Compare your income with your current or planned expenses and debt payments and see what you can afford.
Mortgage Payment Calculator
A tool to find how much and how often your payment will be. Compare options and find one that’s right for you.
Mortgage Affordability Calculator
Easy to use mortgage tool to help you estimate the maximum mortgage you can afford.
Source: CMHC
It's about a choice The BestRateGuys.com provides Canadian homeowners with access to the hundreds of mortgage products available through Canada's many banks, trusts, credit unions and Mortgage Companies. Typically our services are free of charge, AND YOU, our customers can select from the best mortgages, at the best rates, available in the marketplace! You should insist on expert advice AND professional service. A typical Financial Institution will provide you with information on the mortgage products THEY sell; while we will help you decide which Financial Institution, and which mortgage OFFER, is the best one for you.
It's about making the right decision More and more Canadians are discovering that the best mortgage decision they can make is to choose to work with us.
Take the next step now and contact us to ensure you receive expert and unbiased advice - and the professional service you deserve.
Start now. Apply online, in person or by phone @ 1.866.RATE.033 and let us help get you into the home of your dreams.
The BestRateGuys.com lowest rate guarantee is our commitment to find you the lowest possible Canadian fixed mortgage rate in terms of your situation. If we can't at least match an offer made another financial institution we will give you a $50.00 gift card just for giving us a try. Really, what have you got to loose? Call us today to discuss your mortgage options. See terms and details of $50.00 give away offer. Interested in learning more about mortgages? Subscribe to our news and articles blog on our website. This will give you up to date mortgage information brought directly to your email inbox.
Check Us Out on Social Networking Sites
Or Click to Call Us
Sincerest Regards,
Paul Smith
Mortgage Agent
VERICO Designer Mortgages
FSCO Licence M09000027
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How to Deal with Mortgage Payment Difficulties
Sat, 19th February, 2011 - Posted by - Please comment!
How to Deal with Mortgage Payment Difficulties
When unforeseen financial circumstances impact your ability to make regular mortgage payments, it’s important for you to take quick action. With early intervention, cooperation, and a well executed plan, you can work together with your mortgage professional to find a solution to your financial difficulties.
What Can I Do to Help?
If you find yourself facing financial difficulties, as a result of job loss, family income reduction, or for other reasons, it can be an overwhelming experience leaving you feeling uncomfortable and unsure of what to do. By following these three simple steps, you can make a big difference in resolving your financial difficulties.
1. Talk to your mortgage professional
- To increase the chance of successfully managing your financial situation through early intervention, call your mortgage professional at the first sign of financial difficulty;
- Ask the mortgage professional about information on the options available for managing your financial situation; and
- Keep the mortgage professional informed as circumstances evolve.
2. Clarify the financial picture
In order to help your mortgage professional fully understand your financial situation, before meeting with them, prepare a detailed list of financial obligations including any credit cards, loans, household bills with the amounts owing and their due dates. Be sure to include information about your current income, savings accounts, investments, and any other assets.
3. Stay informed
The more information you have at your disposal on managing your finances, the easier it will be to make the right decisions.
Take Charge of Your Debts is an online tool from the Government of Canada that is designed to help borrowers like you understand debt problems, and includes information on making a budget, budget counselling, collection agencies, credit, and credit repair. To view this tool, log on to www.ic.gc.ca (Industry Canada) and search for “Take Charge of Your Debts”.
How Can Mortgage Professionals and CMHC Help?
Your mortgage professional wants to establish and maintain a positive relationship with you over the long term, and is fully trained and equipped with the tools to help you deal with the temporary financial setbacks that you may be facing.
For mortgages insured by Canada Mortgage and Housing Corporation (CMHC), CMHC provides mortgage professionals with tools and the flexibility to make timely decisions when working with you to find a solution to your unique financial situation. These tools include:
- Converting a variable interest rate mortgage to a fixed interest rate mortgage in order to protect you from a sudden interest rate increase, should one occur.
- Offering a temporary short-term payment deferral. Your mortgage professional may be prepared to offer greater payment flexibilities, particularly if previous lump sum prepayments have been made, or if you have previously chosen an accelerated payment schedule.
- Extending the original repayment period (amortization) in order to lower your monthly mortgage payments.
- Adding any missed payments (arrears) to the mortgage balance and spreading them over the remaining mortgage repayment period.
- Offering a special payment arrangement unique to your particular financial situation.
CMHC is also willing to consider other alternatives proposed by the mortgage professional to resolve or avoid mortgage payment default. In every case, the options available will depend upon your individual financial circumstances.
CMHC is Canada’s national housing agency. For over 60 years CMHC has shared a wealth of knowledge and housing expertise to help create an informed and reassured homeownership experience for Canadians.
Source: CMHC
It's about a choice The BestRateGuys.com provides Canadian homeowners with access to the hundreds of mortgage products available through Canada's many banks, trusts, credit unions and Mortgage Companies. Typically our services are free of charge, AND YOU, our customers can select from the best mortgages, at the best rates, available in the marketplace! You should insist on expert advice AND professional service. A typical Financial Institution will provide you with information on the mortgage products THEY sell; while we will help you decide which Financial Institution, and which mortgage OFFER, is the best one for you.
It's about making the right decision More and more Canadians are discovering that the best mortgage decision they can make is to choose to work with us.
Take the next step now and contact us to ensure you receive expert and unbiased advice - and the professional service you deserve.
Start now. Apply online, in person or by phone @ 1.866.RATE.033 and let us help get you into the home of your dreams.
The BestRateGuys.com lowest rate guarantee is our commitment to find you the lowest possible Canadian fixed mortgage rate in terms of your situation. If we can't at least match an offer made another financial institution we will give you a $50.00 gift card just for giving us a try. Really, what have you got to loose? Call us today to discuss your mortgage options. See terms and details of $50.00 give away offer. Interested in learning more about mortgages? Subscribe to our news and articles blog on our website. This will give you up to date mortgage information brought directly to your email inbox.
Check Us Out on Social Networking Sites
Or Click to Call Us
Sincerest Regards,
Paul Smith
Mortgage Agent
VERICO Designer Mortgages
FSCO Licence M09000027
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The BestRateGuys.com Offers Many Flexible Financing Options
Fri, 18th February, 2011 - Posted by - Please comment!
Not everyone’s financial situation is the same, that’s why The BestRateGuys.com works with many lenders across Canada and CMHC to provide many different financing options. Hereunder is a list of options available and the guidelines that the lender and CMHC look for when underwriting the mortgage.
Purchase Enables homebuyers to purchase a home with a minimum down payment of 5 per cent. Apply now.
Portability
Allows borrowers to port the CMHC Mortgage Loan Insurance from an existing home to a new home and in some cases save money by reducing or eliminating the premium on the financing of the new home. Apply now.
Refinance
Allows borrowers to refinance their mortgage and use the money for any purpose other than default management. Apply now.
Improvement
Offers greater choice to borrowers who are building new homes or who want to undertake small or large scale improvements to existing homes. Apply now.
Line of Credit
Provides borrowers with more flexible repayment options than traditional mortgages. Apply now.
Self-Employed
Allows self-employed borrowers, with or without traditional forms of income verification, to realize their dreams of homeownership. Apply now.
Newcomer
Provides newcomers to Canada, with permanent or non-permanent residence status, access,to CMHC mortgage loan insurance products through Approved Lenders. Apply now.
Green Home
Provides mortgage loan insurance for the purchase of an energy-efficient home or to make energy-efficient improvements to an existing home. Borrowers may be eligible for extended amortization without a premium surcharge and a 10 per cent mortgage insurance premium refund. Apply now.
Second Home
Gives borrowers with high ratio financing a chance to buy or refinance a second home using any CMHC homeowner product, without additional underwriting restrictions or premiums. Apply now.
Income Property
Provides investors with more housing finance choice when buying or refinancing a 1 – 4 unit rental property. Apply now.
It's about a choice The BestRateGuys.com provides Canadian homeowners with access to the hundreds of mortgage products available through Canada's many banks, trusts, credit unions and Mortgage Companies. Typically our services are free of charge, AND YOU, our customers can select from the best mortgages, at the best rates, available in the marketplace! You should insist on expert advice AND professional service. A typical Financial Institution will provide you with information on the mortgage products THEY sell; while we will help you decide which Financial Institution, and which mortgage OFFER, is the best one for you.
It's about making the right decision More and more Canadians are discovering that the best mortgage decision they can make is to choose to work with us.
Take the next step now and contact us to ensure you receive expert and unbiased advice - and the professional service you deserve.
Start now. Apply online, in person or by phone @ 1.866.RATE.033 and let us help get you into the home of your dreams.
The BestRateGuys.com lowest rate guarantee is our commitment to find you the lowest possible Canadian fixed mortgage rate in terms of your situation. If we can't at least match an offer made another financial institution we will give you a $50.00 gift card just for giving us a try. Really, what have you got to loose? Call us today to discuss your mortgage options. See terms and details of $50.00 give away offer. Interested in learning more about mortgages? Subscribe to our news and articles blog on our website. This will give you up to date mortgage information brought directly to your email inbox.
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Sincerest Regards,
Paul Smith
Mortgage Agent
VERICO Designer Mortgages
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Steadier housing market seen ahead
Thu, 17th February, 2011 - Posted by - Please comment!
It's about a choice The BestRateGuys.com provides Canadian homeowners with access to the hundreds of mortgage products available through Canada's many banks, trusts, credit unions and Mortgage Companies. Typically our services are free of charge, AND YOU, our customers can select from the best mortgages, at the best rates, available in the marketplace! You should insist on expert advice AND professional service. A typical Financial Institution will provide you with information on the mortgage products THEY sell; while we will help you decide which Financial Institution, and which mortgage OFFER, is the best one for you.
It's about making the right decision More and more Canadians are discovering that the best mortgage decision they can make is to choose to work with us.
Take the next step now and contact us to ensure you receive expert and unbiased advice - and the professional service you deserve.
Start now. Apply online, in person or by phone @ 1.866.RATE.033 and let us help get you into the home of your dreams.
The BestRateGuys.com lowest rate guarantee is our commitment to find you the lowest possible Canadian fixed mortgage rate in terms of your situation. If we can't at least match an offer made another financial institution we will give you a $50.00 gift card just for giving us a try. Really, what have you got to loose? Call us today to discuss your mortgage options. See terms and details of $50.00 give away offer. Interested in learning more about mortgages? Subscribe to our news and articles blog on our website. This will give you up to date mortgage information brought directly to your email inbox.
Check Us Out on Social Networking Sites
Or Click to Call Us
Sincerest Regards,
Paul Smith
Mortgage Agent
VERICO Designer Mortgages
FSCO Licence M09000027
- Bookmark :
- Digg
- del.icio.us
- Stumbleupon
- Redit it
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